Solarvest Holdings Bhd, Malaysian clean energy solutions provider, has officially launched its Powervest solar financing programme in Vietnam complemented by fintech technology to support clean energy transition among Vietnamese businesses, according to a press release circulated by Solarvest on Tuesday.
The launch took place in conjunction with the DEX Connex Vietnam programme organised by the Malaysia Digital Economy Corporation (MDEC) during the Vietnam Innovation Summit 2024.
Driven by the recent introduction of Direct Power Purchase Agreement (DPPA) framework, the demand for renewable energy solutions in Vietnam has surged significantly.
Many companies in Vietnam are turning to sustainable energy solutions for cost saving and to achieve sustainability goals. However, the high upfront cost of solar photovoltaic (PV) systems remains the key barrier to solar energy transition.
Solarvest's Powervest programme offers two key financing options – Powerflex and Powerlease – designed to address varying financial requirements for Vietnam businesses.
Powerflex provides flexible packages with zero upfront costs, allowing businesses to either fully own the solar PV system with 100% financing or co-own the asset with Solarvest through 50% financing.
Powerlease, on the other hand, allows companies to lease solar PV systems and purchase the generated electricity at an agreed tariff,
through the DPPA model.
Dang Khai Hoang, Business Development Director of Solarvest Vietnam, said, "Powervest provides a timely and practical financing solution for companies keen on adopting solar energy in Vietnam. The programme offers financial models designed to make clean energy more convenient, affordable, and accessible for all business sizes. Solarvest has successfully implemented this financing model in Malaysia, with over 600MW1 solar asset development pipeline. Leveraging this expertise, we are now extending the innovative financing solutions to support the growing renewable energy demand in Vietnam."
In addition, Solarvest Vietnam also signed a Memorandum of Understanding (MoU) with Malaysian fintech company Finhero to enhance Powervest's offering through advanced technology in order to simplify and speed up financing application, thus enabling access to solar financing.
Top Lim, Co-Founder and CEO of Finhero, said, "By integrating our technology, Solarvest customers in Vietnam can submit their financial documents accordingly for a free credit assessment and financial advice for their solar investment. This innovation brings Vietnamese companies closer to sustainable future, where renewable energy adoption is easier and more accessible."
- 600MW: 600 MegaWatt, usually referring to the optimum output capacity. ︎
